Investor Presentaiton
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ISI
ICELAND
SEAFOOD
Q2 2020 Results
Presentation to Investors
and Analysts
Divisional sales benefited from
shift in consumption from
foodservice to retail
€ m's
Q2 20
Q2 19
1H 20
1H 19
Sales
26.7
23.1
54.4
48.3
Net margin
3.1
2.4
6.0
5.4
Normalised EBITDA
1.6
1.0
3.1
2.6
Normalised PBT*
1.0
0.5
1.9
1.6
* Normalised PBT represents Profits before tax before allowing for significant items.
SALMON PRICES (€/KG)
■2019
2020
44
42
40
38
36
34
32
32
> VA S-Europe
> VA N-Europe
> Sales & Distribution
Sales growing by 13% Normalised PBT up
from prior year
€0.3m from 1H 2019
•
•
H&G COD FROZEN PRICES
(NOK/KG)
2018
2019
2020
•
In total 30% divisional sales growth
to retail, driven by new listings from
2H 2019 and increased demand due
to temporary shift in consumption
from foodservice to retail
At the same time sales into UK
foodservice were heavily impacted
by the pandemic, are 40% down on
last year.
Positive outlook for the remainder of
the year and into 2021, with the
merger in UK and new listings with
UK retail customers.
Foodservice sales have started to
pick up with easing of restrictions
and opening of schools in UK.
•
Retail driven sales growth delivering
€0.6m net margin increase
compared to same time last year
Raw material prices were high in the
first two months of the year, but
eased down with the Covid19
outbreak in March,
Acceptable service levels maintained.
during the period despite significant
fluctuation in demand and various
disruptions in the supply chain,
Cost related to implementation of
Covid19 contingency plans negatively
impacted margins and operating
costs in the period,
Interest cost €0.2m higher than last
year, driven by higher working capital
to support sales increase.
Production of the foodservice
focused Havelok closed down from
Mid-March to late May.
Jan Feb March April
Source: SeaData Center
30
May
June
July
Agu Sept Okt Nov Dec
Jan
Feb March April May June July Agu Sept Okt
Nov Dec
Source: Norges Sjomatrad
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